TORONTO, September 7, 2011 RBC Global Asset Management Inc. announced today proposals to change the investment objectives of the RBC North American Dividend Fund and the PH&N High Yield Bond Fund, subject to unitholder approvals.

RBC North American Dividend Fund
It is proposed that the investment objective be amended to permit the fund to invest primarily in common and preferred shares of U.S. companies with above average dividend yields in order to provide targeted exposure to opportunities in U.S. equity markets. The name of the fund will also be changed to RBC U.S. Dividend Fund.

PH&N High Yield Bond Fund
It is proposed that the investment objective be amended to permit the fund to invest primarily in a well-diversified portfolio of fixed income securities issued by Canadian and/or foreign corporations and governments. The proposed change will provide the fund with a larger universe of investment opportunities, and will allow the fund to continue to provide a high level of income with the potential for capital growth.

Approvals and Timing
RBC Global Asset Management Inc. will seek required unitholder approvals at special meetings to be held on or about Friday, November 25, 2011, in Toronto, Ontario. Notice of the meetings and the management information circulars for the unitholder meetings containing full details of the proposals will be mailed on or about Friday, October 28, 2011, to unitholders of record as of Wednesday, October 12, 2011.

If the necessary approvals are received, the proposed changes to the investment objectives of the funds and name change of RBC North American Dividend Fund are expected to take effect on or about Monday, November 28, 2011.

About RBC Global Asset Management and RBC Wealth ManagementRBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes institutional money managers Phillips, Hager & North Investment Management (PH&N), RBC Global Asset Management (U.S.) and BlueBay Asset Management. RBC GAM is a provider of global investment management services and solutions to individual, high net worth and institutional investors through mutual funds, pooled funds, hedge funds, segregated accounts and specialty investment strategies. RBC GAM group of companies manage more than $250 billion in assets and have approximately 1,000 employees located across Canada, the United States, Europe and Asia.